Noga magnetic bases are what most of my fellow machinists swear by, although even inexpensive ones will work nicely for this type of application. Peacock or even cheaper 1" travel indicators are more than adequate for this kind of thing. Don't waste your money on some $100 indicator to use to true bike wheels. (I'm not even sure why machinists buy them, as I have a couple of cheap ones that have survived to antique status, despite being used quite frequently.)